Can the Germans do it?
Do what?
Well, save the EU and Europe, of course!Never before in its short history has the EU been as close to collapse as it is today. Never since the end of the devastating World War II have the Europeans been so worried—and so convinced there is little or nothing that we common people can do.
The reason, of course, is the euro.

The great project—which Sweden begged out of—was to create for the Europeans what the Americans already have: a continent with a common market where everybody pays with the same money. No exchange rates, no devaluations, no hassle.…
Or so one thought.

But the truth is—to put it very simply—the countries were not similar enough. Between the serious and strict Germans and the swaggering and carefree Greeks (many today use harsher words) there is a great gap. Same with the Italians and Dutch. And so on.
When the Italians had mismanaged their money in the pre-euro days, they could devalue. That is, make their money and thus their exports cheaper. So, when things went bad, they could lower the price of Fiats, of Italian wine and other food products, of designer dresses and elegant shoes. The world picked up the items and everybody was happy. Besides, the Italian money—then called the lira—slowly regained a higher value.
Today, the devaluation route is closed.
Countries outside the euro-zone can do it, but not the 17 insiders. So now Italians, Greeks and a couple of others have to be bailed out. The same goes for dozens of firms and enterprises all over the continent. In other words, there is a billion dollar crisis at hand and something has to be done to stop it from developing into a catastrophe.
So far, there is no solution, but what you hear is that “Germany must pay.” Germany has the greatest economy in Europe and undeniably great resources. But is Germany rich enough to save the rest of Europe? The answer is no. The Germans can do a great deal, but in the end—or rather well before the end—all Europeans who can, will have to pitch in, mainly in the form of higher taxes and smaller handouts. And, probably, higher unemployment.
It will not be nice and millions of people will suffer. Money will be lost in foolish transactions, and perhaps even worse, when honest people do the wrong thing with their savings. Take me. I own a couple million dollars saved in different banks, and I really have no idea of what to do. Should I go to the Swedish krona—well managed, and NOT in the EMU? Or should I go to dollars and bet on the U.S.? The latter has, over time, always been right in the long run, but when you are 79 years old, long term isn't so interesting. So, should I buy a new house and hope that those who come after me can turn a profit on that? Or, or …
You get the drift. We the people of Europe are worried and filled with a vague angst, mainly because we know all too well that we don't really know anything at all about what the future will bring. Our politicians and our banks have served us badly, but we can do very little about it. It is (1) too late and (2) the ones that would follow are not better.
Quite a sinister situation, wouldn't you agree.…

World Reporter
Ulf Nilson, World reporter since his first assignments to Hungary in 1956. Correspondent and Sweden’s man in America for 20 years, Ulf Nilson is still a regular columnist in Sweden’s daily Expressen, and regular contributor in Nordstjernan. He has authored or co-authored over fifty books. He lives in southern France or at his beloved Värmdö, just 30 minutes north of Stockholm. He
• covered the US, including Vietnam during the war years
• marched in the civil rights marches
• interviewed Martin Luther King
• met presidents Johnson, Nixon, Reagan and George H. W. Bush
• and, as one of Sweden’s most well-known journalists, also met with every politician, industry leader or cultural personality—all the movers and shakers of Sweden through five decades of a proliferate professional life.